So far, we know (or have been told) the Virgin Islands will send the property tax bill for 2007 next month. Then the bill for 2008 will be sent in May or June. The valuation will be unchanged from the 1998 figure, much lower than the Bearing Point revaluation of a few years ago which saw St. John values had tripled or more.
But here's the great unknown. According to the Assessor, as reported by the St. John Source, "Properties in the territory will be reassessed, and future bills will be based on those real property values."
In other words, there will be another re-assessment; the multi-year Bearing Point study will be forgotten. What's the likelihood the VIs can get a complete revaluation done in time to send out bills at new values in 12 months? Those with experience on the island say, 'Fat chance." Which leads to an expectation that the 2009 and 2010 bills may not go out next February.
No no no. The 2009 bill will come out at the 1998 rate. The 2010 bill will come out at the reval (ridiculous) values. Then, in a few years, after some cash cowing, the reval will be done.
Curtis Gomez dismissed the St. John case the other day, saying it is moot because all the bills except 2010 are coming out at the 1998 rate or some such thing.
And nobody in the V.I. understands how taxes are set after a revaluation. You take a total municipal budget, divide it by the total valuation of taxable property, and VOILA! A mil rate based on need equitably distributed. Orrrrrr, as here, you pull a number out of a bodily orifice (say, 0.0125), apply it to the next number that falls out (say, 60% of assessed value), collect the cash and have a legislative party.